Chicago Fed Announces New Directors, New Federal Advisory Council Representative
CHICAGO—The Federal Reserve Bank of Chicago today announced three new members of its Board of Directors, as well as the appointment of its Federal Advisory Council representative. All are effective January 1, 2010.
New Board Members
Jeffrey A. Joerres, Chairman and CEO of Manpower Inc. in Milwaukee, Wisconsin, was appointed by the Board of Governors of the Federal Reserve System to serve as a Class C director for an unexpired term that will run through the end of 2011. Joerres replaces John A. Canning, Jr., Chairman of Madison Dearborn Partners in Chicago, Illinois.
Terry Mazany, President and CEO of The Chicago Community Trust in Chicago, Illinois, was elected as a Class B (non-banker) director to serve a three-year term. He was elected by Group 1 banks. Mazany replaces Mark Gaffney, President of the Michigan State AFL-CIO in Lansing, Michigan.
Stephen J. Goodenow, President and CEO of Bank Midwest in Spirit Lake, Iowa, was elected as a Class A (banker) director to serve a three-year term. He was elected by Group 2 banks. Goodenow replaces Michael L. Kubacki, Chairman, President and CEO of Lake City Bank in Warsaw, Indiana.
Federal Advisory Council Representative
David W. Nelms, Chairman and CEO of Discover Financial Services in Riverwoods, Illinois, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a one-year term as the Federal Advisory Council (FAC) representative for the Seventh Federal Reserve District. Nelms replaces William A. Downe, President and CEO of BMO Financial Group.
The FAC meets quarterly to discuss business and financial conditions with the Federal Reserve Board of Governors in Washington, D.C. It is composed of one banker from each of the 12 Federal Reserve Districts.
Background about the Board of the Federal Reserve Bank of Chicago
Directors are selected to represent a cross-section of the Seventh District economy, including consumers, industry, agriculture, the service sector, labor and commercial banks of various sizes. The Federal Reserve Bank of Chicago Board has nine members. Seventh District banks that are members of the Fed System elect three bankers and three non-bankers. The Federal Reserve Board of Governors appoints three additional non-bankers and designates the board's chair and deputy chair from among its three appointees.
Federal Reserve Bank of Chicago Background
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.